Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking
Indian equities are poised for a soft start on December 10, with GIFT Nifty indicating an opening near 25,910—approximately 50 points lower. Broader sentiment remains cautiously optimistic despite mixed global cues and the absence of major domestic triggers. In the near term, traders will continue to track global market developments, movements in crude oil prices, and institutional flow trends to gauge clearer direction for the indices.
From a technical standpoint, Nifty continues to face stiff resistance at 25,950–26,000, a supply zone that has repeatedly capped upside attempts. Immediate support is placed at 25,650–25,700. A definitive breakout above the resistance band will be essential to revive bullish momentum, while a sustained move below support could prolong the current consolidation phase.
Bank Nifty exhibits a similar structure, with immediate support at 58,900–59,000 and resistance at 59,500–59,600. This support region will be crucial for overall market stability. A breakdown could accelerate selling pressure across financials, whereas sustained trade above support may trigger renewed buying interest on dips, particularly among sector-heavyweights.
Institutional flows remain divergent, with FIIs selling equities worth Rs 3,760 crore on December 9, while DIIs absorbed the pressure with net purchases exceeding Rs 6,200 crore.
Given the prevailing volatility and global uncertainties, traders are advised to adopt a selective buy-on-dips strategy, maintain prudent leverage, and use tight trailing stop-losses coupled with staggered profit-booking. Fresh long positions may be considered only on a sustained move above 26,300, supported by consistent monitoring of global cues and critical technical levels.